The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-06-16

assisted. Lard and short ribs were in active
demand from those who were on the short
SIDE or the market, and were anxious TO Sc
cure their profits The prices fluctuated
wildly. July and September deliveries met
with more attention, with more closing ,ip
trade than transactions ahead. The prices
We're lower, but the market closed steady.
Juiy lard opened at SO 60 and closed at
ST So 1-2.
WHERE THE FUNDS CAME FROM.
There was a sensational and dramatic
council at the American Exchange National
Bank this morning. 1t began at o'clock
and settled the fate of to-day's market.
lhere We're many prominent brokers
present. Mr. Joseph Wiltshire, of Gin
clnnatl, middle-sized man of
swarthy countenance; Mr.. Eggleston, Ker-
shaws special partner, whose fortune is at
stake now, because it is claimed he has been
actlVe IN the business, was also there.
Mr.. Kershaws face showed the lines
made by the terrible forty-eight
hour strain. President D. W. Irwin,
OF the bank and of the firm of Irwin, Green
q Co., was the most determined looking
man OF the lot. Cashier Dewar, of the
bank and several directors were present,
too. This consultation began just as soon
as Mr.. Wiltshire, who got off the Cincin-
get TO the bank. He was accompanied by a
good-looking, smooth-faced young fellow,
whose sack coat bulged out as clerks some
Ilfnes DO when they are hurrying to the
bank to make deposits. The pair at once
entered the bank and the directors room,
where the Others were to meet them.
PICTURESQUE" SCENE, SURREY.
The scene presented will not be soon for
gotten. Mr.. Kershaw was busy writing;
his face was haggard, but the man looked
brave Mr. Egglestons face was study,
too, as he sat in this interview; perspiration
dropped from his brow and his great red
beard was all awry. Mr.. Willis hire, at s
O'Clock, left the bank and walked to the
corner of Dearborn and Monroe streets,
where he met the young fellow who had ac-
conpanled him on the train and who had
before this left the bank for the Richelieu
Hotel. The young fellows pockets bulged
again. The two entered the bank, and in
thirty minutes more the council was over.
Nh: Kershaw had the money to pay his
differences and to margin the market, the
announcement of which, as noted above,
settled the panicky feeling on the board.
TICKLE FORTUNES WORK.
What fortunes We're won and lost during
the day no one can accurately estimate. It
is estimated that not less than 100. .OOO, 900
day, representing an average loss or gain of
1c. to &c. per bushel, $1,000, 900 to s., ,000, 600
There was loss of over ST. 900, 900 in cash
wheat alone, besides the shrinkage on
futures. One bear, who sold largely early
in the day and bought at the close, is cred
tied with clearing S250,000 on the days
operations The crowd of big bear scalpers
made not less than $1,000, 900 altogether
WHAT THEY THOUGHT OF THE FURRY.
During the day President Wright, of the
Board OF Trade said to a reporter: ''The
effect of the break will be to clear the
atmosphere SO that commerce can go on in
its accustomed grooves TIE tendency is to
equalize this with the other markets of the
world and put stock in their legitimate
channels. The actual result of course, is a
rather serious one, but ! hope-in fact, |
have no reason to apprehend anything
further"
A prominent broker said: "The market is
now back in its normal condition, and is not
subject to any abnormal influence. / don't
think we will have any more cliques for
awhile yet, as the one just collapsed has bit
ten off more than it could chew, and the les
son won't be forgotten soon The panic, of
course was serious one, but it will soon be
all right again. The deal was undoubtedly
the largest one ever run in Chicago, and
there was more wheat bought than ever be-
fore. do not apprehend any serious break
from the present prices, as the market is
now down to level with the other mar
kets."
THE BIG PORK PACKER TALKS.
Phil D. Armour, when asked what effect
the panic would have on the financial
affairs, said: None, whatever. In week
from now you won't know that there was a
wheat deal, or a coffee deal either the at
mosphare will be all cleared up in less than
a week from now. All the losses were made
some time ago Wheat was margined up to
nearly its value, if not quite, and the banks
were all amply secured. don't look upon
this break as r,, any great
there is, is wanted for export and
it will bring as good prices now, if not bet
ter, than it did before the break Wheat
at 75c. a bushel is better than gold dollars
at 90c. You see people abroad want the
stuff and they are going to have it. 1t is a
good thing that this break came when it did.
Most everybody expected it, and as soon as
the furry is over | believe that it will make
money easier"
THE DYING ECHOES.
One of the firm of Rosenfeld & Co. to-
night denies that his firm garnisheed Ker-
shaw's bank account. Rosenfeld g. Co. have
brought suit for 81 900, 900 against Wiltshire
& Eckert, of Cincinnati.
HIS NEW PASTURES UNPRoFITABLE.
NV YORK, June 15.-Charles Hewrokin,
the Chicago operator who joined the New
York Stock Exchange on Jan. l6, 1886, no
tilted the exchange this morning that he was
unable TO meet his contracts.
COFFEE SETTLING DOWN.